Chapter

<span class="smallCaps">conclusion</span>: The Politics of Petroleum Prices

Paul Sabin

in Crude Politics

Published by University of California Press

Published in print December 2004 | ISBN: 9780520241985
Published online March 2012 | e-ISBN: 9780520931145 | DOI: http://dx.doi.org/10.1525/california/9780520241985.003.0010
conclusion: The Politics of Petroleum Prices

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Kenneth Kingsbury accurately portrayed how prices, resource consumption, and technological development interact. Behind Kingsbury's embrace of the “economic stimulus of price,” however, lurked an unsettling contradiction. Legal and political struggles over property rights, regulatory rules, and public investment defined the contours of the oil economy. California's story shows the continuing importance of state governments and state politics in twentieth-century United States political history. Its petroleum and transportation policy distinguished it from other states. In the early 1990s, American concerns about petroleum supplies brought the United States into a large-scale military conflict (Persian Gulf War). At the close of the century, two Texas oil men rode into the White House with the support of the oil industry. The history of the California oil economy yields a basic insight and lesson: political decisions, as much as the consumption choices of human's everyday lives, have greatly influenced their development as a petroleum society.

Keywords: petroleum; prices; resource consumption; California; transportation policy; oil economy; state governments; state politics

Chapter.  2959 words. 

Subjects: History of the Americas

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